Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
The ECB is accepting more and more worthless collateral nowadays as lender of last resort and as quantitative easing.
 The ECB is not a creditor. It is a central bank, in this case the Irish central bank. You don' lecture your own central bank about due diligence at time when it helps your banking system existing.
by IM on Sat Feb 5th, 2011 at 05:55:24 AM EST
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